Matt Hougan thinks Bitcoin’s (BTC) journey in the direction of changing into a mainstream asset class is a “multiyear story.”
Hougan, the chief funding officer (CIO) of Bitwise Asset Administration, says in a brand new interview with CNBC that the Bitcoin exchange-traded fund (ETF) numbers within the first half of 2024 recommend “the delivery of a brand new asset class.”
“I believe the correct analogy to make is again to the unique gold ETF approval in 2004. And the factor I discover fascinating there, which individuals overlook – is that was one of the profitable ETF launches of all time and pulled in $1.5 billion in 2004. However guess what? In 2005, it did greater than $3 billion, in 2006 it did greater than $4 billion, in 2007 it did greater than $5 billion.
It stored constructing 12 months after 12 months, and that’s what I don’t assume folks understand about these Bitcoin ETFs. This was an enormous first half, however I believe the second half may very well be greater, and I believe subsequent 12 months may very well be greater than that.”
Hougan says that gold in 2004 was a “area of interest commodity” that was onerous to purchase and wasn’t in plenty of mainstream portfolios.
The CIO additionally notes that Bitcoin ETF flows have been regular no matter whether or not BTC’s worth has been going up or down.
BTC is buying and selling at $57,569 at time of writing.
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Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in affiliate internet marketing.
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